Oil prices increase for a second week
Tampa, FL -- Oil prices increased for the second week in a row, keeping a barrel of oil above $80 after the Group-20 (G-20) and European leaders began discussion to draft a plan to resolve the European debt crisis, according to a AAA Club South release. The new plan's completion date is set for the last week of October, with a review by the G-20 scheduled for the first of November.
The market reacted to talks of the plan and received additional upward momentum from a Commerce Department report that showed U.S. retail sales increased 1.1 percent last month.
Crude oil settled Friday at $86.80 a barrel on the New York Mercantile Exchange—$3.22 more than the week prior.